§ 711.480 — Sale of assets

Oregon § 711.480

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 711: Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

Text

(1) Upon order of the supervising court, the Director of the Department of Consumer and Business Services may:
(a) Sell or compromise any bad or doubtful debts, including the individual liability of any stockholder of the institution.
(b) Sell all or any of the real estate and personal property of the institution on terms directed by the supervising court.
(2) The director, upon compliance with the terms of the sale of property, shall execute and deliver to the purchaser of the property the necessary deeds or instruments to evidence the passing of the title. If the real estate is situated outside the county in which the principal office of the institution is located, a certified copy of the order authorizing and ratifying the sale shall be filed in the office of the clerk of the county in which the property is situated.

Legislative History

Amended by 1973 c.797 §262